If Free Entry and Exit Were Not Possible

question 34

Multiple Choice

If free entry and exit were not possible,

• A)In the long run firms would lose money
• B)In the long run firms would make money
• C)In the long run firms would break even
• D)It is impossible to tell what would happen without more cost and revenue information

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Definitions:

First-Line Supervisors

Managers or supervisors who are directly responsible for overseeing the productivity and actions of entry-level workers.

Member Satisfaction Criterion

A measure used to evaluate the degree to which members of an organization or group feel satisfied or fulfilled with their membership or participation.

Group Effectiveness

The measure of how well a group achieves its objectives and fulfills the needs and goals of its members and external stakeholders.

Ongoing Basis

A continuous, uninterrupted manner of operation or activity, suggesting something that happens regularly or perpetually.